Sirius-XM: 'share ramp' allegations
A factual documentary film will shortly be released that alleges Sirius-XMís share price, in the period after the merger of the two radio broadcasters, was deliberately manipulated, from having a claimed value of $13bn down Ė in February Ė to being worth just 5c a share. Todayís price is slightly healthier, at 50c giving the once-$13bn business a market capitalisation of $1.8bn.
The doc is being released on DVD on June 10 . The movie interviews Tyler Savery and Brandon Matthews of Sirius Buzz, Martin Rothblatt, Relmor, Michael Hartleib, and other shareholders of Sirius XM Radio. Brandon Matthews, in the movie asks, "Who was shorting the stock? Who was accumulating the bonds? The record is clear!"
One interviewee on the film alleges there is little or no difference between Mel Karmazin, the CEO of Sirius-XM, and Bernie Madoff, the disgraced investment operator. Another asks how a business thatís bringing in $1.7bn a year in revenues can only be worth 5c a share?